by Sophie Foster, published in realestate.com.au
A major tax crackdown has begun thanks to a record number of Aussies with side hustles, Airbnb, Uber and sharing economy incomes and thousands written off as landlords.
The Australian Taxation Office has already kicked off it 2022-23 financial year operation, with information already flooding in – thanks to its new data scraping capabilities designed to make sure taxpayers “don’t leave out income or inflate deductions”.
The idea, says ATO assistant commissioner Tim Loh, is that come future years all that information will be auto-filled from bank accounts, property managers, landlord insurance providers, financial institutions providing loans for residential investment properties, sharing economy providers, digital platforms and income protection policies.
“This isn’t a game of Guess Who, as our sophisticated data-matching programs provide us with all the clues we need to track down taxpayers with incorrect information in their tax return,” he said.
The Sharing Economy Reporting Regime (SERR), which will track activity on the likes of Airbnb and other providers, begins from July 1 – mandating regular reports from platforms offering taxi services, ride-sourcing and short term accommodation.
From July 1, 2024, it will also be mandatory for information to be provided regularly from all other electronic distribution platforms as well, casting a wider net over the record number of taxpayers working multiple jobs or with multiple income streams.
Read the full article by Sophie at https://www.realestate.com.au/news/major-tax-crackdown-on-landlords-side-hustles-and-airbnbs/
Editor's Note:
Do you have a view on the short term accommodation issue in Noosa? We would love to hear from you and are happy to post your contribution here anonymously. The more local stories we have the better. Please always cite sources whenever statistics are quoted. Email to: nnsnoosa1@gmail.com
Comments